Trez Capital completes $82 million construction loan for the Alba Palm Beach luxury waterfront condominium project in West Palm Beach
WEST PALM BEACH, FL – Trez Capital, a private real estate lender that helps build better communities across North America, has funded an $82 million loan to build Alba Palm Beach, a luxury waterfront condominium project of water that will soon rise in West Palm Beach, Florida. The new development is located directly on the west bank of the Intracoastal Waterway in the emerging neighborhood of Northwood.
Alba is a 22-story tower with 55 luxury residences and four townhouses. Since the launch of sales in February 2022, more than 30% of the project has been reserved. Prices start at $2.5 million.
Trez Capital managing director Ben Jacobson initiated the loan on behalf of lead developer Kenneth Baboun. Jacobson is based in Trez Capital’s office in Palm Beach, Florida, led by Executive Managing Director, Eastern US, Brett Forman. BGI Capital structured the loan.
“Alba Palm Beach fills a dire need for high-end residential products in a rapidly growing area of West Palm Beach,” said Jacobson. “We are thrilled to complete our first transaction with a sophisticated developer who will bring luxurious waterfront living to the city’s Northwood neighborhood.”
“We are thrilled to announce that Alba Palm Beach has secured funding, especially with the great market response and sales success we have seen in such a short time since the sales launch,” said Baboun. .
With the loan in place, a first official groundbreaking is expected this fall with delivery of the project in 2025.
“Working with the team at Trez Capital has been a seamless and transparent experience and we are delighted to have reached this milestone for Alba Palm Beach,” said Robert Barthelmess, Managing Partner of BGI Capital.
Spacious two-, three-, and four-bedroom residences range in size from 1,745 to 4,500+ square feet. Each has oversized glazed terraces with summer kitchens and panoramic views, floor-to-ceiling hurricane glass windows, high-end appliances and designer light fixtures.
Amenities include a private dock with resident-only boat ramps, two swimming pools, dedicated grill and lounge areas, a state-of-the-art fitness studio, private elevators, virtual conference spaces, theater rooms and multi-sport simulation.
Alba Palm Beach is located at 4714 North Flagler Dr., minutes from world-class beaches, the famous Worth Avenue shopping district, upscale restaurants and cultural activities.
“West Palm Beach has been at the center of significant business migration to South Florida in recent years,” Forman said. “This is creating intense demand for luxury residences in the city. Alba Palm Beach is poised to generate significant activity from new buyers and local buyers.
Canadian firm Trez Capital provides short-term debt and equity financing, typically six to 36 months, up to $100 million in loan value. In 2021, the company originated $3.9 billion in loans, including $633 million from the eastern region of the United States, which includes offices in Palm Beach, Florida, and Atlanta, Florida. Georgia.
About Trez Capital: Founded in 1997, Trez Capital is a diversified real estate investment firm and a preeminent provider of debt and equity commercial real estate financing solutions in Canada and the United States. Trez Capital offers strategies for private and institutional investors to invest in a variety of opportunistic, fully collateralized mortgage funds, syndications and joint ventures; and provides property developers with quick approvals on flexible short- and medium-term financing. With offices across North America, Trez Corporate Group has over C$4 billion in assets under management and has funded over 1,600 transactions totaling over C$14.5 billion since its inception. The Eastern US team has funded nearly $2 billion since 2016 and loaned more than $630 million in 2021. For more information, visit www.trezcapital.com. (*Trez Corporate Group AUM includes assets held by all Trez-related entities as well as $2.7 billion of assets managed by the manager (Trez Capital Fund Management Limited Partnership)).
About BGI Capital: BGI Capital is a leading full-service alternative lender and commercial real estate loan provider offering its diverse portfolio of lending solutions to booming Florida and New York communities with locations in Miami-Dade County, Palm Beach County and Manhattan. Through an extensive network of lenders, BGI Capital can structure loans that benefit unique client situations, allowing them to outperform traditional lenders and provide access to funding to a wide range of clients. Led by Managing Partners Kenneth A. Baboun and Robert M. Barthelmess, the company offers direct lending, traditional and specialty financing, and a diverse selection of customized lending products, including construction financing, a program for foreign nationals and a bridging loan program. For more information on BGI Capital, please visit www.bgicapital.com